ICU Medical : 2023 Investor Presentation

J.P. Morgan

41st Annual Healthcare Conference

January 2023

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Disclosures

• Any statement concerning Management's expectation with respect to future results is a forward-looking statement based upon the best information currently available to Management and assumptions Management believes are reasonable, but Management does not intend the statement to be a representation as to future results.
• Future results are subject to risks and uncertainties, including the risk factors described in the Company's filings with the Securities and Exchange Commission, which include those in the most recent Form 10-K and subsequent filings. Actual results in the future may differ materially from Management's current expectations.
• These forward-looking statements, including statements about the potential impacts of the COVID-19 pandemic, are made based upon our current expectations and we undertake no duty to update information provided in this presentation.
• This presentation contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Our Management believes that the non-GAAP data provides useful supplemental information to management and investors regarding our performance and facilitates a more meaningful comparison of results of operations between current and prior periods.
• Our non-GAAP financial measures include revenue presented on a constant currency basis, which uses the average exchange rate for revenues from the prior year applied to the current year results.

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ICU Medical: a Global Leader with Focus and Scale

We are a $2.3 billion1 global company focused exclusively on providing IV therapy products and other core critical care products across the continuum of care

Consumables ~43%

Gravity sets, needlefree and specialty IV consumables, vascular access, sharps safety, oncology, and tracheostomy

Systems ~29%

Large volume, syringe, and ambulatory pumps; dedicated consumables; software with EHR interoperability and services

Vital Care ~28%

IV solutions, hemodynamic monitoring systems, temperature management, and respiratory care

3	1.	Reflects trailing twelve month pro forma revenues through September 30, 2022 including results for Smiths Medical for periods prior to acquisition.
2.	Business unit mix based on trailing twelve month pro forma revenues through September 30, 2022 including results for Smiths Medical for periods prior to acquisition.

ICU Medical at a Glance

• Legacy ICU consumables revenue has compounded greater than 8% per annum over 6 years
• Free cash flow has been in excess of net income 7 of the last 9 years (substantially in 2020 & 2021)

Strong Disposables Profile

	Single-Use
~75%	Consumables
~15%

Revenue

EBITDA Margin

Share Price

$379 M

35%

Pre-Hospira Acquisition

• Built the market's largest and most advanced manufacturer of non-dedicated consumables

$1.32 B

20%

Pre-Smiths Medical Acquisition

• Optimized commercial operations, stabilized and grew LVP installed base by >30%

~$2.3 B

16%

Current State

• More dynamic and valuable to customers with complete offering, positioned well to compete against larger players

~10%	Hardware
~15%	~85%
IV Solutions
Pro Forma Financial Overview
Share Price (1/06/22)		$161.68
Diluted Shares Outstanding		24.1 M
Diluted Equity Value		$3.9 Billion
Net Debt		$1.4 Billion
Enterprise Value		$5.3 Billion

4	1.	Current State reflects trailing twelve month pro forma revenues through September 30, 2022 including results for Smiths Medic al for periods prior to acquisition.
2.	Pre-Hospira Acquisition reflects ICU Medical 2016 results. Pre-Smiths Medical Acquisition reflects ICU Medical 2021 results.

ICU Medical Infusion Therapy Portfolio

IV Solutions

Dedicated IV Sets

LVP Infusion Pumps and Software

Syringe and Ambulatory Pumps

Non-Dedicated IV Sets and Accessories

Peripheral IV Catheters

Fluid Warming (Adjacency)

Respiratory (Adjacency)

ICU Medical Products		Smiths Medical Products

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